Infosys Q4 profit rises 9.6 per cent, lags forcast
Infosys Technologies Ltd, India's No 2 software services exporter, posted a 9.6 per cent rise in quarterly profit, lagging market forecasts, as a sluggish US economy crimped demand for outsourcing.
Nasdaq-listed Infosys, which develops applications, designs supply chains and offers back-office services, said on Tuesday net profit for the fiscal fourth quarter ended March rose to 12.50 billion rupees ($313 million) from 11.4 billion reported a year earlier.
A Reuters poll of 15 brokerages had forecast a net profit of 12.6 billion rupees.
Helped by an army of English-speaking workers and cheaper wages, India's estimated $64 billion software services sector has thrived by winning deals from overseas clients, with the U.S. accounting for more than half of the sector's revenue.
But growing evidence of a recession in the United States is expected to slow growth.
Shares in Infosys, which counts Goldman Sachs and Philips Electronics among its clients, fell 19 per cent in the March quarter, versus a 22 per cent drop in the sector index and a 23 per cent dip in the benchmark index.
(Reporting by Sumeet Chatterjee; Editing by Ranjit Gangadharan)